Recent worldwide trends have re-opened the international debate on the issue of food security, due to modifications that are taking place both in food demand and supply. On the one hand, particularly in developing regions, food demand is boosted by population growth; further important structural changes in food consumption patterns are entailed by per capita GDP and urbanization. On the other hand, food supply increase has slowed down while pressure on key resources (land, water, energy) is intensifying, rising environmental concerns. The imbalance resulting from such diverging tendencies is further heightened by globalization, price volatility and regional political instability (Foresight, 2011). World food prices started to increase considerably in 2007-2008, and in 2010-2011. This had a strong impact on vulnerable population and in the Southern Mediterranean area bring to political instability due to social revolts and was considered as one of the causes of the so called “Arab Spring”. Food security is an issue of high relevance for the Mediterranean Countries (MCs), which are facing complex economic and political changes (CIHEAM, 2012). The assessment of food security conditions is a challenging task due to the multi-dimensional nature and complexity of the matter. (Maxwell, 1996) Many papers (FAO, 1999; FAO, 2009; IFPRI, 2004), in the scientific literature focus on the nutritional aspects of food security, while its economic issues have been addressed less frequently and only in recent times. Furthermore, within the economic literature different approaches and assessment methods are provided, but there is no general consensus on their application and interpretation. Saravia-Matus et al. (2012) develop a helpful argumentation on economic issues of food security, highlighting similarities and diversities in low-income countries and in high-income countries. In the former case the main constraints are given by low agricultural productivity and insufficient local access to food, due to the availability and quality of the production factors, namely natural resources, capital and technology. A further interesting concept developed in the scientific literature along with food security has been explained in this section: the vulnerability concept. Vulnerability has been used as a reference notion to assess risk and instability. This concept has emerged more and more on the international agenda, in reference to risk exposure of countries and populations due to the recent economic crisis. Vulnerability doesn’t have a common and official definition, however what it is of common agreement is that vulnerability doesn’t cover only social fragilities but covers various aspects: income, age, gender, growth rates, economic, environment, inequalities, etc. (Birkmann, 2006). Food security has been analysed through a multidimensional approach by considering four of its dimension of food security: availability, access, utilization and vulnerability. The objective of the research is to analyze the different dimensions of food security and to show the different economic issues affecting food security conditions in the Mediterranean Countries. The aim is then to identify appropriate theoretical concepts and methodological tools to be used in the assessment of food security of a country (or region), with a particular emphasis on its economic dimension. A qualitative evaluation of the existing food security measurement indicators are conducted, based on the application of relevant selection criteria(i.e. SMART) and in accordance with the objectives of the study (i.e. to assess economic issues of food security). Thus, a set of selected and refined indicators has been proposed through the Principal Component Analysis method with reference to MCs. MCs show and higher economic development compare to low-income countries, however the economic and social disparities of this area show vulnerability to food (in)security, due to: dependency on food imports, lack of infrastructure and agriculture investment, climate condition and political stability and inefficiency. Overall, the results obtained show moderate and gradually improving vulnerability and food security conditions in the targeted countries. However critical issues emerge from a closer examination of the various food security and vulnerability dimensions as well as country-specific issues. To reduce their economic vulnerability SMCs should focus on different tasks: agricultural productivity and market efficiency enhancement, production differentiation, trade and market integration, governance and development strategies. Technology enhancement is one of the key issue to stabilize productivity and boost efficiency so as to achieve general food security objectives, both in its access and availability dimensions.